StockMarketWire.com - Audio visual distributor Midwich said it expected to post a significant fall in first-half profit after the Covid-19 crisis hit sales and margins.

Revenue for the six months through June was seeing falling 4% on-year, amid a 22% slump in underlying sales.

Margins were expected to be up to 2.5 percentage points lower, due to product mix.

Midwich said cost cutting meant it still expected to be profitable in the first half.

On its outlook, the company said market conditions for its products and services were likely to remain significantly impacted by the development of the pandemic for the remainder of 2020.

'Should the positive trading momentum seen in May and June continue for the rest of this year, trading performance in the second half of the year should be better than in the first half,' it added.

'It is likely that the growth in profitability will be slowed as certain government support measures for employment, particularly in the UK, is scaled back later in 2020.'


At 9:02am: [LON:MIDW] Midwich Group PLC share price was +9p at 376p



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